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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
INFORMATION
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NORTH OF SOUTH CAPITAL LLP
CONTENTS
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NORTH OF SOUTH CAPITAL LLP
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group is a United Kingdom-based specialist asset manager focused on emerging market equities. The parent company is incorporated and regulated in the UK, with a wholly owned subsidiary in Dubai, United Arab Emirates, which supports asset management, investment research and client engagement activities.
The Group provides actively managed investment strategies to an institutional client base. Its core objective is to deliver long-term capital growth through disciplined investment in high-quality companies across emerging markets.
During the financial year, the Group continued to execute its strategy of delivering outperformance while expanding its client base.
Revenue is primarily derived from investment management fees based on assets under management (“AUM”). AUM levels during the year reflected a combination of market movements and net client inflows, with emerging market growth influencing both performance and investor sentiment.
The Group maintained its focus on:
∙Delivering consistent, benchmark-relative investment outperformance
∙Deepening relationships with existing institutional clients
∙Selectively onboarding new mandates
∙Enhancing operational infrastructure and governance
Despite a challenging macroeconomic backdrop characterised by inflationary pressures, interest rate tightening, and geopolitical uncertainty, the Group demonstrated resilience through its active investment approach and diversified exposure across emerging markets.
The Group faces a number of principal risks and uncertainties that could impact its performance and financial position:
∙Market Risk: A decline in global or emerging equity markets may reduce AUM and, consequently, management fee income.
∙Investment Performance Risk: Sustained underperformance relative to benchmarks could lead to client redemptions and reduced inflows.
∙Liquidity Risk: our markets may experience limited liquidity, particularly during periods of market stress.
∙Currency Risk: Exposure to foreign exchange movements may affect portfolio net asset valuations and reported financial results.
∙Regulatory Risk: The Group operates in regulated environments accross the US (SEC) UK (FCA) and UAE (DFSA) and must comply with evolving regulatory requirements.
∙Operational Risk: Failures in systems, controls, or third-party service providers could disrupt operations.
∙Key Personnel Risk: The Group’s success depends on the expertise and retention of its investment and senior management teams.
The Board has established a risk management framework designed to identify, assess, and mitigate these risks.
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NORTH OF SOUTH CAPITAL LLP
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors monitor the performance of the Group using a range of financial KPIs, including:
∙Revenue: Driven primarily by average AUM and fee margins.
∙Operating Profit: Reflecting the scalability of the business model and cost discipline.
∙Operating Margin: A key measure of efficiency and profitability.
∙Assets Under Management (AUM): The principal driver of revenue generation.
∙Net Flows: Measuring new client inflows less redemptions.
These indicators are reviewed regularly to assess financial performance, inform strategic decision-making, and ensure alignment with the Group’s growth objectives.
In addition to financial metrics, the Group uses a range of non-financial KPIs to evaluate operational and strategic performance:
∙Investment Performance: Returns relative to our benchmark and peer groups over short-, medium-, and long-term periods.
∙Client Retention Rates: Reflecting the strength and stability of client relationships.
∙Client Concentration: Monitoring reliance on individual clients or mandates.
∙New Business Pipeline: Indicative of future growth potential.
∙Employee Retention and Engagement: Supporting continuity and organisational stability.
∙Regulatory and Compliance Metrics: Ensuring adherence to applicable legal and regulatory standards.
These KPIs provide a broader view of the Group’s health and sustainability beyond purely financial outcomes.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
This report was approved by the board and signed on its behalf.
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NORTH OF SOUTH CAPITAL LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The members present their annual report together with the audited financial statements of North of South Capital LLP (the "LLP and the Group") for theyear ended 31 December 2025.
Principal activities
The principal activity of the LLP and the Group during the year was that of fund management. The LLP is authorised and regulated by the Financial Conduct Authority ("FCA").
Designated Members
M A Linsey and A Van Leeuwen were designated members of the LLP and the Group throughout the period.
Members
K M Dimmich, R Holmes, F L Tsai, M G Latham,Pacific Asset Management Services LLP and N Pagewere members of the LLP and the Group throughout the period. C Lee was appointed as a member on 1 July 2025. M G Latham resigned as a member on 1 July 2025.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in theyear ended 31 December 2025 are set out in the reconciliation of members' interests.
Members are remunerated from the profits of the LLP and are required to make their own provision for pensions and other benefits. Profits are allocated and divided between members after finalisation of the financial statements. Members draw a proportion of their profit shares monthly during the year in which it is made, with the balance of profits being distributed after the year, subject to the cash requirements of the business.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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NORTH OF SOUTH CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are members at the time when this members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the Group's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the Group's auditors are aware of that information.
Auditors
The auditors, Adler Shine LLP, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
This report was approved by the members and signed on their behalf by:
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NORTH OF SOUTH CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH OF SOUTH CAPITAL LLP
We have audited the financial statements of North of South Capital LLP (the 'parent LLP') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the LLP balance sheet, the Consolidated statement of cash flows, the consolidated Reconciliation of members' interests, the LLP Reconciliation of members' interests and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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NORTH OF SOUTH CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH OF SOUTH CAPITAL LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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NORTH OF SOUTH CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH OF SOUTH CAPITAL LLP (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • reviewed minutes of meetings; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance; • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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NORTH OF SOUTH CAPITAL LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTH OF SOUTH CAPITAL LLP (CONTINUED)
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
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NORTH OF SOUTH CAPITAL LLP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
REGISTERED NUMBER: OC309016
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
REGISTERED NUMBER: OC309016
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 17 to 30 form part of these financial statements.
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NORTH OF SOUTH CAPITAL LLP
REGISTERED NUMBER: OC309016
LLP BALANCE SHEET
AS AT 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
REGISTERED NUMBER: OC309016
LLP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf by:
The notes on pages 17 to 30 form part of these financial statements.
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NORTH OF SOUTH CAPITAL LLP
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
North of South Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office address is 85-87 Bayham Street, London, NW1 0AG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The members have considered a period of at least twelve months from the signing of these accounts and have concluded that the LLP will have sufficient resources to meet its liabilities as they fall due over that period. The members of the LLP have indicated their willingness to provide such further financing as may be required for the LLP to meet its liabilities as they fall due and maintain a regulatory surplus. Consequently the members believe that the going concern basis is appropriate and the accounts hve been prepared under this assumption.
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
A division of profits is the mechanism by which the profits of a Group become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the Group does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the Group, which it has the unconditional right to avoid making.
The Group divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the consolidated statement of comprehensive income.
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The turnover and operating profit for the year was all derived from the LLP's principal continuing activity which was carried out wholly within the United Kingdom.
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 25
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 26
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Tangible fixed assets (continued)
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 28
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NORTH OF SOUTH CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
In the 2024 financial statements, the cost of the investment in the subsidiary was based on articles of incorporation which were draft. In these financial statements, the comparative figure has been restated to the correct share capital value.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £4,877 (2024 - £3,963). Contributions totalling £1,029 (2024 - £403) were payable to the fund at the balance sheet date and are included in creditors.
At the balance sheet date, there was
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